In today’s blog I'm going to be talking about a few things that you can do to help you purchase “The Home of Your Dreams” during a seller’s marketGuiding a Buyer through a
Seller’s or Buyer’s market? What does it mean?
Dated: June 23 2022
Seller’s market refers to housing demand exceeding supply. Buyer’s market refers to supply exceeding housing demand.
How do we know what type of market we are at?
The real estate market goes up and down depending on the season so to determine if it's a buyer's or seller's market here are a few things you can pay attention to:
First, take a look at inventory or the number of homes for sale. If the inventory is low, it is most likely a seller’s market and if the inventory is high, it is most likely a buyer’s market.
Second, and another good way to also help you determine if it is a buyer’s or seller’s market is to see how long houses have stayed on the market. If you see houses selling in a day or a week then it is most likely a seller’s market.
On the flip side of that, if you see houses sitting on the market for a few months then it is most likely a buyer’s market.
Buying a house in a seller’s market
We are currently in a seller’s market. When the term “Seller’s Market” is used in the real estate world the easiest way to explain it is that the number of available houses for sale don’t meet buyer’s demands.
This often leads to multiple buyers interested in a single property resulting in bidding wars between buyers.
Buyers try their best to present the most attractive offer and of course this gives seller’s a better position to negotiate higher prices on the property for sale. So if you are buying a house in a seller’s market the first thing to know is that seller’s have the advantage and to get what you want you’ll probably have to spend more.
Also, make sure you come in with a strong enough offer because trying to get a lower sale price when numerous buyers are interested in the same property may not be the smartest tactic with a housing shortage. Trust me I know this first hand and nothing is more frustrating than the feeling of possibly losing the house you have fallen in love with.
Seller’s markets can also be called “renter’s markets”
Sometimes potential buyers need to keep renting until they can save up for a higher down payment and compete with other buyers in the seller’s market that has also brought up the housing market values. Rising market values can also be part a good sign that you are in a seller’s market.
Stay tuned for my future blogs and I will discuss a few techniques that can help you get the “Home of Your Dream”during a seller's market.
In the meantime, if you’re looking to sell your home click here to get a free instant home value
If you’re looking to buy a house, click here to search for available homes.
Born and raised in Cuba and move to Central Florida 6 years ago.Mother of a handsome 3 years old boy and also a proud Wife. I'm represent and serve Central Florida homeowers and future home owners, al....